A monument to the real estate slump STOKER FARM _ has been saved from the wrecker’s ball for the indefinite future - and the situation has nothing to do with the vigorous efforts of local citizens and their Save Stoker Farm Cam- paign. Plans to demolish the farm and turn over the site of almost three acres for residential development have been knocked on the head by the current slump in the real estate market. And now two men who were principals and owners of the former Sussex Realty firm, Lance Tracey and Jack Hamer-Jackson, who bought the farm in September 1979 for $1.88 million and own it under the name of Hartford Holdings, are stuck paying a monthly mortgage of about $25 000. Their intention to develop the site for housing appears dead at a time when high interest rates would make homes there unaffordable in today’s market. They are bound by a community plan which permits 32 units at the site, a density which makes development unfeasible at this time. Tracey recalls how until about 10 years ago the site was approved for 164 units but that the plan was changed after an application by the Stoker family because of prohibitive taxes levied while it was zoned high density. The present density, he says, would mean building the kind of luxury development which is un- saleable at this time. “We didn’: feel it was any gamble at the time,” he says, adding that he has no hard feclings towards the City over the zoning of the property Currently he is looking towards zoning changes as the only hope for doing anything with the property. As a precedent, he points to a development opposite the property as having higher density than the 32 units scheduled for the Stoker Farm site. He considers the original zoning of 164 units for the property would be over chattered. A development of 60 units would be feasible “but it would be fairly tough,” he says, adding “I think about 80 units would be fantastic from our point of view.” Tracey sees the irony of the predicament being that the property is sitting idle at a time when there is a tremendous shortage of housing. He would like to see the site developed into a three- storey apartment building on Lonsdale with a_ lighter townhouse development behind. Without zoning changes being made, Tracey sees Stoker Farm sitting as a monument to the real estate slowdown, while the massive mortgage payments continue to be made cach month. “We don't see the market being there in the near future,” he says, adding the City staff want to see any development of the site adhering to the community plan. Meanwhile, he looks back to the Save Stoker Farm campaign of spring 1979 and says: “They can still save it if they want. It would be financial suicide to do anything with it.” Park Royal-North Mall saving line of copying servr- Concord Copy 101-1515 Pemberton 985-5115 Jewellery Appraisal Service Alevanden Markwart FINE JEWELLERY LTO 926-7213 A3 - Sunday News, January 31, 1982 ALSO INSIDE Showbiz guide PAGE B9 Exciting PAGE Cl “At 5’4’’ I weighed over 200 pounds ..”’ AN INVITATION TO NORTH SHORE COMMERCIAL PROPERTY OWNERS AND TENANTS: ——— 1 LINDA MacKINNON Vancouver North The North Vancouver Chamber of Commerce has been asked to act as a Clear Ing House to enable owners of industrial and Commercial properties within the ' District of North Vancouver to provide examples to assist the Oristrict in presentiog r hth ; MoM SHORE Wear? its blanket appeal which will be heard during February by the Coun of Reviston & MAINTENANCE CENTER'S Hany properly owners Can provide eocamples of where actual value established ovate in daeptt ' Uesatling «developed by the Assessment Authouty @xceeds real market values please pass them or tc et wetting lac. tptine the C trarntoer of Cortnmerce The Charter wiht oo ordinate: theo Olle tom of thet ctor ernistenece to cohurr mation Mh Tortmnest wetght of ae sonatlred reducuny vier yun weight often seems onciens opee ot de eVOHNen! will tes Hevea ve tes essmecasl aoe NORTH VANCOUVER CHAMBER OF COMMERCE 131 E 2nd Street. North Vancouver,BC V7L 1C2 Feature (he or oge That worked fen orver xe ese Pitrverts goifls 987-4488 home Ve OROTC eae ow Jitoat Mearscbores 1 ohmaw Sur PAGE Cll Ky actin Coo“ ; CUpoamd rete te North Vancouver © Dantes ot C ommenec: Goa SCre an pe tbe bon your FREE on saton presse : a ihe f Claes App rot tren! an. crmne try toeiny tosstierartardd Ac tual Vithoe Assessed Vahie 1 CommunityRound up Emtertainment 1) WORTH SHORE Name Food | WEIgHT 985-0458 |e 4 | Cornparnry _ Ibo» ports AND MAINTENANCE CENTER * Acktrosn wn me Satie 161 B Lonsdale Mall 1124 Lonsdale (Nea: base Pith) NS Tel Nu Whet s Going On